Good questions. You're right about where I was a year or so ago. There's not a magic number that's best for everyone, it's mostly about what you are willing to manage. You don't need to run out and get twenty cards from every retailer you see but you could probably use more than just the one you have. I say one because the CareCredit is sort of a specialty thing. For me personally 3-5 cards is plenty. I have a USAA MC, a Discover, and just got approved for an AmEx Blue Preferred, and looking to get a Visa (B of A, PenFed or Chase Freedom, haven't decided yet) next year, plus the wife has a Target card. That's all I need.
Keep the Cap One for now. They don't have any really wonderful cards that your score will qualify you for now, but wait a year and you can maybe upgrade it to a rewards card. I bet you'll break 700 in a year if you don't have any baddies.
You'll want to come up with a long term plan for which "prime" rewards cards will suit your lifestyle and spending habits - cashback or points, gas or groceries, etc. Then figure out what it will take to qualify for them and wait it out. In the meantime you can maybe get a card that you can upgrade - "product change" later like a B of A basic visa that will help you build credit now but can then be upgraded to the cash rewards visa signature when you get there. You'll probably need to be north of 700 for AmEx so that'll have to wait for now. Do your homework on which cards suit you and you are interested and let us know, well help you come up with a plan to get them!
Starting Score: 690
@Anonymous wrote:Also, if the end goal is eventually home ownership I truly believe that having real banks, with real limits showing on your reports helps in the manual review process.
When we got our home mortgage, my only bank card was HSBC Orchard with a $500 CL. Not a problem on a manual review - just had to have at least one bank card in the mix - Orchard fit the bill - it was less than a year old and the CL was a non-issue - at least for our very experienced mortgage guy. Of course, as always, YMMV. Just don't want any casual reader to get their panties in a knot on this one 
- we were more prepared for our mortgage than we ever would have anticipated.
Thanks so much, everyone! This is exactly the kind of feedback I was hoping for. 3-5 cards is what I was thinking, too, so it's great to hear that one of the more seasoned credit veterans agrees.
@Anonymous wrote:
I also would not recommend applying for cards near the time you want to apply for your car loan (after is OK, just not before)
I'm hoping to save up a 20% down payment before I apply for a car loan. Unfortunately, some unexpected expenses have set me back quite a bit on the progress I'd made, so I likely wouldn't be shopping for loans until sometime late next year. My Cap One card is the only hard inquiry on my report and it was from this past February. If what I've heard is true, it won't affect my FICO score any longer after February 2012 (is that correct?), so I think I'm in a decent position to add one new card now and then hold off on any others until after I get a loan secured.
My Cap One card is the only hard inquiry on my report and it was from this past February. If what I've heard is true, it won't affect my FICO score any longer after February 2012 (is that correct?), so I think I'm in a decent position to add one new card now and then hold off on any others until after I get a loan secured.
Yes, it will appear in your report for two years but only affect the score for one year.
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Right, that's what I'd heard. Thanks so much for confirming! 
